Chinese companies have been volatile of late for all the political reasons. Hence probably not for the faint hearted.
NIO "corrected" from a recent high of 55.13 to 42.73 in just 5 days before finding support where we have a confluence of resistence-turned-support as well as the 50% fibonacci retracement of the AB swing up.
The odds looks good for a rebound to it's recent high of 55. For confirmation, wait for a break of yesterday's candle hi (ie >47) to go long. Initial stop loss @ 42.69. Trail stops upwards to protect profits when trade goes our way.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
NIO "corrected" from a recent high of 55.13 to 42.73 in just 5 days before finding support where we have a confluence of resistence-turned-support as well as the 50% fibonacci retracement of the AB swing up.
The odds looks good for a rebound to it's recent high of 55. For confirmation, wait for a break of yesterday's candle hi (ie >47) to go long. Initial stop loss @ 42.69. Trail stops upwards to protect profits when trade goes our way.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.